IPRG has been exclusively retained to offer 180 Scholes Street — a 34-unit, 43,843 SF new-construction multifamily building at the corner of Scholes Street and Humboldt Street in Williamsburg, Brooklyn. The property received its Certificate of Occupancy in August 2012 and offers one of the clearest near-term deregulation opportunities available in the Brooklyn multifamily market. The investment thesis rests on three converging and time-certain catalysts. First, a legacy 421A tax abatement expiring July 1, 2027 — with no affordability requirements — converts all 34 units to free-market status simultaneously, driving NOI from $813,709 today to $1,417,540 on a pro forma basis. Second, a highly assumable, non-recourse Fannie Mae loan at 3.15% with nine years of remaining term requires only ~$6.2M in equity at the offering price and generates over $381,000 in annual principal reduction from day one. Third, a genuinely differentiated unit mix — 16 duplex apartments, numerous private roof terraces, private gardens, balconies, and unit sizes ranging up to 1,778 SF — supports pro forma rents that are conservative relative to comparable product trading in Williamsburg proper, where no direct competition for this product type exists at scale. The pro forma underwrite assumes full unabated real estate taxes of $467,000 based on the property’s assessed value following 421A expiration. At the pro forma NOI of $1,417,540 and the $20,300,000 offering price, the property clears at a 6.98% cap rate — a compelling return on a free market new-construction asset in one of Brooklyn’s most supply-constrained and high-demand rental submarkets. Net cash flow after debt service of $592,445 in the pro forma year translates to a 9.83% cash-on-cash return on the equity outlay, and a 14.92% total projected return inclusive of principal reduction.